Development

Opus Breaks Ground on 275,401 SF Industrial Building in Oak Park, Michigan

by Kristin Harlow January 28, 2022

OAK PARK, MICH. — The Opus Group has broken ground on a 275,401-square-foot industrial building in Oak Park, a northern suburb of Detroit. The speculative project has been preleased to an undisclosed user. Located at 15100 Eight Mile Road, the building will feature a clear height of 32 feet, 44 dock doors, 57 trailer parking stalls and 196 auto parking stalls. Completion is slated for December 2022. Opus is the developer, design-builder, architect and structural engineer. David MacDonald and Sean Cavanaugh of JLL represented Opus. Paul Hoge and Gary Stephens of Signature Associates represented the seller of the land.

January 28, 2022

Development Hospitality Texas

Floridays Development to Build 276-Room Hotel in East Austin

by Taylor Williams January 27, 2022

AUSTIN, TEXAS — Sarasota, Fla.-based Floridays Development will build a 276-room hotel in East Austin. Designed by FK Architecture, the project will include a pool and an 89,123-square-foot parking garage. Other project partners include landscape architect Blacksmith Collaborative, civil engineer WPI Inc. and structural engineer SCA Consulting. A tentative construction completion date was not released, but demolition work on the site’s existing structures is underway. The hotel operator was also not disclosed.

January 27, 2022

Development New York Northeast Office

Brookfield Properties Tops Out 58-Story Two Manhattan West Office Tower

by Taylor Williams January 27, 2022

NEW YORK CITY — Brookfield Properties has topped out Two Manhattan West, a 58-story office tower located within the eight-acre Manhattan West mixed-use development that opened last fall. Designed by Skidmore, Owings & Merrill, Two Manhattan West will feature more than 2 million square feet of office space upon completion, which is slated for 2023. The building is 25 percent preleased, with law firm Cravath, Swaine & Moore committed as an anchor tenant. Brookfield completed the 67-story, 2.1 million-square-foot One Manhattan West in late 2019.

January 27, 2022

Development Florida Multifamily Southeast

PCCP, Fore Property to Develop 410-Unit Apartment Community in Metro Orlando

by Julia Sanders January 27, 2022

OCOEE, FLA. — A joint venture between PCCP LLC and Fore Property Co. will develop The Alibi at Lake Lilly, a 410-unit apartment community in Ocoee. The construction timeline for the project was not disclosed. Situated on 16.7 acres, The Alibi at Lake Lilly will feature five four-story buildings and seven carriage and townhome buildings with 722 parking spaces. The LEED Silver-designed, garden-style community will offer 24 studios, 156 one-bedroom units, 186 two-bedroom units and 44 three-bedroom units. Interiors will include granite and quartz countertops, stainless steel appliances, hardwood style flooring, spa-inspired bathrooms with semi-frameless showers, in-unit washer and dryers and a smart home package. Community amenities will feature a 13,500-square-foot clubhouse with a sports bar area and game area, pool, outdoor lounge area with grills and firepits, 24-hour fitness center, a dog park and walking trails. Located at 2802 Old Winter Garden Road, the property is situated adjacent to the Florida Turnpike. The property is also 3.6 miles from downtown Orlando, eight miles from Orlando Health Central Hospital and 13.3 miles from Winter Garden Village, a shopping mall with tenants such as Best Buy, Chick-fil-A and LongHorn Steakhouse.

January 27, 2022

Civic Development New York Northeast

Seton Education Partners to Open 73,000 SF Charter School in The Bronx

by Taylor Williams January 27, 2022

NEW YORK CITY — Seton Education Partners, a nonprofit owner-operator of charter schools, has entered into a leasehold condominium agreement with Bolivar Development to open a 73,000-square-foot school at 1936 Jerome Ave. in The Bronx. The structure of the deal allows Seton to own the condo unit that will house the school for 39 years before ownership reverts to the developer. The school will be operated under the Brilla Public Charter School brand and will ultimately serve more than 800 students in grades K-8. Stephen Powers and Lindsay Ornstein of OPEN Impact Real Estate, along with Jake Cinti and Alexander Smith of Transwestern, represented Seton in the deal. Jim Lester and Peter Fine represented Bolivar Development on an internal basis. The new building is expected to open for the 2024-2025 academic year, initially serving students in grades K-4 and expanding through eighth grade by 2028.

January 27, 2022

Affordable Housing Development Loans Multifamily Texas

MVAH Partners Underway on 226-Unit Mixed-Income Housing Project in Plano

by Taylor Williams January 26, 2022

PLANO, TEXAS — Ohio-based developer MVAH Partners LLC is underway on construction of K Avenue Lofts, a 226-unit mixed-income housing project in the northern Dallas suburb of Plano. Within the five-story building, 79 percent of the units will be reserved for households earning 60 percent or less of the area median income (AMI). The remaining residences will be rented at market rates. Amenities will include a leasing office/clubhouse, crafts room, fitness center, business center, media room, pet park, playground and a pool. Completion is slated for summer 2023. David Lacki and Alton Tinker of KeyBank originated a $39.6 million construction loan for the project. The Plano Housing Authority issued $19 million in bonds that were sold by KeyBanc Capital Markets, and $19 million of KeyBank’s construction loan will serve as collateral for the bondholders. In addition, The Texas Department of Housing and Community Affairs awarded Low Income Housing Tax Credits for the deal.

January 26, 2022

Development Florida Industrial Southeast

Amazon to Open 220,000 SF Delivery Station in Port St. Lucie, Florida

by Julia Sanders January 26, 2022

PORT ST. LUCIE, FLA. — Amazon will be opening a 220,000-square-foot delivery station in Legacy Park at Tradition, a distribution park in Port St. Lucie. Construction is expected to be complete by September. The Seattle-based e-commerce giant plans to hire 200 full-time workers to prepare customer orders for last-mile delivery at the project. The facility will be a single-story building standing 44 feet. Sansone Group is the project developer, while Threecore is the general contractor. Robert Smith of CBRE worked with Sansone Group to sign Amazon on as a tenant at Legacy Park. Once completed, Legacy Park at Tradition will total approximately 5.4 million square feet of single and multitenant light industrial and distribution facilities. Other tenants at the Class A distribution park includes FedEx Ground and Cheney Brothers.

January 26, 2022

Acquisitions Development Mixed-Use Office Retail Southeast Tennessee

CBRE Investment Management Acquires Sylvan Supply Mixed-Use Development in Nashville

by Julia Sanders January 26, 2022

NASHVILLE, TENN. — CBRE Investment Management, on behalf of the Strategic Partners U.S. Value 9 fund, has acquired Sylvan Supply, an eight-building, 193,663-square-foot mixed-use development in Nashville. The sellers are the project’s developers: FCP and Third & Urban. The sales price was not disclosed. Originally built in 1959, Sylvan Supply was formally used as a specialty wood mill. Between 2018 and 2020, the site was redeveloped by FCP and Third & Urban. Now, the property includes about 158,000 square feet of creative office space and 36,000 square feet of retail space. The property was 61 percent leased at the time of sale to five restaurants and a variety of other retail tenants, including a brewery, fitness studio and a salon. In addition to creative office space, Sylvan Supply offers a common area, Wi-Fi and numerous outdoor plazas for retail and dining, in addition to private patios for office tenants. The site offers abundant parking for tenants and visitors. Located at 4101 Charlotte Ave. on a 7.8-acre site, Sylvan Supply is situated less than four miles from downtown Nashville.

January 26, 2022

Development Georgia Industrial Southeast

Dermody Completes 154,440 SF Spec Industrial Property in Metro Atlanta

by Julia Sanders January 26, 2022

DECATUR, GA. — Reno, Nev.-based Dermody Properties has completed LogistiCenterSM at Miller Road, a 154,440-square-foot distribution facility in Decatur. Located at 2800 Miller Road, LogistiCenterSM is situated 16.7 miles east of downtown Atlanta. The property features 32-foot clear heights, 150 car parking stalls, 23 trailer stalls, 35 dock-high doors, an ESFR fire protection system and build-to-suit office space. LogistiCenterSM, a nationally trademarked brand owned and developed by Dermody Properties, represents the company’s business philosophy of developing Class A distribution and logistics facilities that meet the supply chain requirements for companies. Matt Bentley of NAI Brannen Goddard is the leasing broker for the project. The building is immediately available for lease.

January 26, 2022

Development Florida Multifamily Seniors Housing Southeast

RangeWater to Break Ground on Age-Restricted Multifamily Project in Jacksonville

by Julia Sanders January 26, 2022

JACKSONVILLE, FLA. — Atlanta-based RangeWater Real Estate has plans to break ground on Olea Beach Haven, a 175-unit, age-restricted housing community in Jacksonville. Construction will start in the first half of this year. Olea Beach Haven will offer one-, two- and three-bedroom floorplans. Community amenities will include a dog park, social green space, pool, a library and media rooms. Located on 6.4 acres at 4101 San Pablo Parkway, the property is situated 17.8 miles from downtown Jacksonville, 7.7 miles from the University of North Florida and 5.6 miles from Jacksonville Beach. RangeWater opened its first two Olea-branded properties in Florida in August 2020 and experienced high leasing velocity, leading to stabilization within a year.

January 26, 2022

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